Jobless claims jump 46,000
Last week, it was reported that jobless claims fell 30,000 to 339,000 overall during the October 6 week, which would have been the lowest level in four years. CNBC dug into the numbers and initially concluded that the drop had to do with a quirk in the seasonal adjustment metric.
California, it turns out, was responsible for the mix up, as it had failed to process additional delayed applications.
A week later, unemployment numbers have returned to the level we might have expected, jumping 46,000.
The four-week average, which helps smooth out bumps like this, sits at 365,000, which is about average for modest hiring.
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